The network, recently given the name Water Cooler Group, is backed by private equity company TZP Group and comprised of media shop Media Storm, creative agency Maude, social shop Hip Genius and interactive TV group Bolt.
Mr. Young will serve as president and work closely with Craig Woerz, co-founder and managing partner of Water Cooler Group and co-founder of Media Storm, which is one of the few remaining independent media shops.
The news comes two years after Mr. Young joined Mindshare in July 2011 as CEO of North America and two months after he moved into a global business development role at the firm. Digitas' Colin Kinsella succeeded Mr. Young as Mindshare CEO of North America.
Now he's moving to a firm much closer to the size of Optimedia, which earned $61 million in domestic revenue in 2012, according to the Ad Age DataCenter. That's compared with Mindshare's $193 million in revenue in the U.S. alone. He refers to Media Storm as "the antithesis" of where he's been.
The move is a welcome one for Mr. Young, who said he's looking forward to helping the group diversify its business. Media Storm has been focused on entertainment clients like FX, the Food Network and Open Road Films.
"The key thing they're trying to do is expand this model to [an agency] brand outside of the entertainment and media category and what I think I'm good at and enjoy doing is growing and pitching business," he said. "So to me there's a good story to be told here."